Fed's Kocherlakota to step down at term's end

Minneapolis Fed President Narayana Kocherlakota will step down at term's end in Feb 2016, the regional bank announced Friday.

Kocherlakota did not provide a reason for choosing not to seek reappointment. He has been the Fed president of Minneapolis since 2009.

"I became president of the Minneapolis Bank in October 2009 so that I could be of service to my country in an economic emergency. I have been honored to play a role in shaping the response to that dire situation. While challenges lie ahead for the Federal Reserve System, the state of crisis has passed, and I have decided not to continue my service into a new term," Kocherlakota said in a press release.

Prior to his position in the Fed, Kocherlakota was a Research consultant for the Minneapolis Fed and also chair of the University of Minnesota Economics Department.

"My service as president has been the most rewarding period of my professional career," Kocherlakota added.

Among Kocherlakota's many contributions, Randy Hogan, chairman of the Minneapolis Fed's board of directors, said improving communication between the Bank and its constituents will remain a key legacy of Kocherlakota's tenure.